Overlaying graphics in Python?

Is there a way to overlay graphics in Python? I'm looking for functionality similar to X-fire. That is, I want to be able to press a set of keys in a game and a GUI screen with some options (possibly a shell script) that doesn't cover up the game should come up without the need to alt+tab.

I would like to do this because the games I'm playing respond very negatively to alt+tabbing but X-Fire works fine in them. I've looked everywhere for a solution but have yet to find one.

Thanks for the reply, that is KIND of what I meant but not similar enough to be useful.

I'm trying to create an overlay that will cover a full-screen game without minimizing it, allowing you to interact with a GUI that doesn't cover up your entire game or cause it to minimize. You should be able to type text in the GUI and click buttons without it interfering with the game in any way aside from intercepting mouse clicks and keyboard commands. My hope at the moment is to put a functioning python shell into the game (just for starters).

A program that does what I'm trying to accomplish is x-fire www.xfire.com